July 24 (Bloomberg) — South Koreaâ€™s economy expanded at
the fastest pace in almost six years last quarter as exports and
household spending jumped.

Gross domestic product rose 2.3 percent from the first
quarter, when the nation skirted a recession by growing 0.1
percent, the Bank of Korea said today in Seoul. That was better
than the 2.2 percent growth estimated by economists.

Samsung Electronics Co. today joined exporters Hyundai
Motor Co. and LG Electronics Inc. in reporting profit surged
last quarter, helped by a weaker currency and demand fed by $2.2
trillion in stimulus worldwide. Consumer spending climbed 3.3
percent from the first quarter, the most in seven years, fueled
by interest rates at a record-low 2 percent.

â€œExports have improved more than expected while domestic
demand got a big boost from the fiscal and monetary policy
steps,â€ said Lee Sang Jae, economist at Hyundai Securities Co.
in Seoul. â€œI expect Korea to remain on a recovery pathâ€ even
after the boost from the stimulus measures wanes, he said.

The Kospi stock index rose 0.4 percent today in Seoul,
taking the yearâ€™s gains to 34 percent after a 41 percent drop in
2008. The won rose 0.2 percent to 1,249.55 per dollar.

Last quarterâ€™s expansion was the fastest since the economy
grew 2.6 percent in the last three months of 2003. Exports
gained 14.7 percent, also the biggest advance in almost six
years. From a year earlier, GDP shrank 2.5 percent.

2 Responses to South Koreaâ€™s Economy Grows at Fastest Pace in Almost Six Years

“Wells Fargo Financial is one of the few lenders that will refinance a vehicle for more than its current value. ”

If you read some of the comments Warren, it seems the bank never even bothered with getting the title, because they made the assumption the borrower would never be able to pay off the loan, so when her daddy paid it for her, he couldn’t get little shopping machine princesses title! LOL! What a disgrace all this chaos is. This cannot continue, restraint and responsbility needs to come back to our people, this generation that has been taught a sense of entitlement, that they should get everything they want NOW and daddy will pay for it – UGG!

Warren, you need to contact all the people that own an MT900 and a superboat and have your bank in palm beach offer them lines of credit on the equity in their vehicles like wells fargo has just said they want to do. And certainly since MT900’s and dual hull superboats that do 25 knots will only go up in Value, you can keep rolling over the loans for more and more money – HOLY CRAP! ;)